Essentially, if I have a bunch of bets that are attractive but unrelated, I can reduce my risks by up to 80 percent without reducing my upside at all. While this sounds like an investment strategy it’s actually an old and well-established good life strategy that I apply to investments as well. There is a Chinese saying that “a smart rabbit has three burrows,” meaning three places to go to in case any one of them becomes dangerous. This principle has saved many people’s lives when things got bad, and it’s one of my most important principles. Put deferred gratification ahead of immediate
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